King County Median Price Up 10% From March 2006
By: Tony Meier
The numbers are just in and I have update my spreadsheets that I use to stay abreast of the market place. King County still remains a strong sellers market with 10% appreciation since March 2006. The median priced resale home was worth $399,000 in March 2006 and is now closing at $439,900. The market has increased 3.51% in 2007 as noted by the graphs below…
While the market remains hot… the rate of appreciation is showing signs of slowing. From March 2004 to March 2005 the median price rose 15%. From March 2005 to March 2006 the median price rose 14%. The graphs below show the absorbtion rate of the market place. The pace remains quite active, but does show declines as compared to the red hot markets of 2005 and 2006.
So what does all this mean? Well for sellers… it indicates they are still in the drivers seat, however they will have more competition this year, so correct pricing will be critical to their success. For buyers… it means the good homes will still sell quickly and they may still have to compete in a multiple offer enviroment, but the pace will be a bit slower than the last 2 years. Keep in mind these graphs represent a wide range of homes thrs oughout the county. There are areas and price ranges that are in the midst of a red hot sellers market, while other segments of the market clearly are favored towards the buyer. Be sure you know which segement of the marketplace you are in before making any real estate moves!
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